M&T Bank (MTB) has announced they will be selling a new issue of $25/share preferred stock.
MTB has one other outstanding preferred which they inherited from the acquisition of Peoples Bank on 4/1/2022–it is a 5.625% fixed to floating perpetual.
The preliminary prospectus can be read here.
Thanks to Ken for spotting this one.
Users who liked this:
Here’s the FWP term sheet:
https://www.sec.gov/Archives/edgar/data/36270/000119312524132472/d835782dfwp.htm
Temporary symbol: MTDJV
05/06/2024 15:25:40
05/06/2024 00:00:00
MTDJV
M & T BK CORP DEP SHS REPSTG 1/400TH INT PERP PFD STK SER J
https://otce.finra.org/otce/dailyList?viewType=Additions
One would think a bank like MTB which seems to be doing “ok” based on its earnings and common stock share price would want to avoid issuing a preferred at these high rates.
“We intend to use the net proceeds of this offering for general corporate purposes, which may include the redemption of existing preferred stock.”
So it must be their desire to call their reset rate preferred coming up soon. That reset is only buyable by pros it appears.
Just to be clear they appear to have 3 preferred outstanding. The ones they might plan to call are:
M&T Bank Corp. 5% Dep Shares Series G Reset Rate Non-Cumul Perpetual Prfd Stock
Ticker Symbol: TEMP09 CUSIP: 55261FAL8 call date 8/1/24.
or
M&T Bank Corp., 6.45% Perp Fixed/Float Non-Cumulative Preferred Stock Series E
Ticker Symbol: MTBPP CUSIP: 55261FAG9 2/15/2024
no way to buy those prefs on IBKR.
only MTB-H is available.
1519 EST. Vanguard – after 15 minutes of wait & BS – says these are on
the “gray” sheets and they are not selling otc stocks anymore.
2 local M&T branches: No sales rep in one, the other one n needs an appt.
Me thinks they are very worried bout dem dare loans from which they obtained high fees.